SPAC Bellevue Life Sciences Acquisition (NASDAQ:BLAC) said it has agreed to merge with South Korean healthcare holding company OSR.
Following the closing, Bellevue will own at least 60% of the outstanding stock of OSR, with a right to acquire the remaining shares, subject to certain conditions.
The combined company will be known as OSR Biosciences, with shares expected to trade on Nasdaq Capital Market under a new symbol.
OSR operates through three subsidiaries that are engaged in the biopharma and medical device sectors: Vaximm, Darnatein and RMC. In July, it signed a non-binding letter of intent to acquire Switzerland-based Landmark BioVentures, which operates through four biotech ventures in France.
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